Runes Transactions on Bitcoin Plummet Over 88% in June: Here's Why It Matters

Runes, a new token standard on the Bitcoin blockchain, has experienced a dramatic 88% drop in daily transactions this month.

Key Points:

- Major Decline: According to Dune Analytics data from Crypto Koryo, the average daily Runes transactions fell from 331,040 between June 9-15 to just 37,820 from June 22-28.

- Record Low: June 24 saw only 23,238 transactions, the lowest since Runes launched during Bitcoin’s fourth halving on April 20.

- Bitcoin Transactions: Runes transactions have comprised only 4.9-11.1% of all Bitcoin transactions over the past week.

- Impact on Miner Fees: This sharp decline has significantly impacted Bitcoin miner fees, which dropped from 884 Bitcoin on April 24 to less than 2 Bitcoin over the last six days.

- Ordinals and BRC-20: Fees from Ordinals inscriptions and BRC-20 tokens have also been low, failing to provide the anticipated revenue boost for miners.

The decline in Runes transactions highlights the volatility and unpredictability in trading volumes of new token standards on the Bitcoin blockchain. Initially seen as a potential revenue stream for miners, the decreased activity has left miners struggling to compensate for the 50% block subsidy reduction following the halving event.

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